On January 2, 2023, the Casual Elite Co. acquired land to build a distribution centre by issuing
Question:
On January 2, 2023, the Casual Elite Co. acquired land to build a distribution centre by issuing a 6%, three-year note for $200,000. The note will be paid in three annual payments of $74,822 each December 31. The payment schedule follows:
Required
1. Prepare the entry to:
a. Issue the note on January 2, 2023.
b. Record the annual payment on December 31, 2023.
2. Show how the note will appear on the December 31, 2023 balance sheet.
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1a 2023 1b 2 Jan 2 2023 Dec31 Land Notes Payable To record issuance of 6 3y...View the full answer
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Related Book For 
Fundamental Accounting Principles Volume 2
ISBN: 9781260881332
17th Canadian Edition
Authors: Kermit D. Larson, Heidi Dieckmann, John Harris
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